tv [untitled] June 8, 2012 9:30am-10:00am EDT
into the global economy with much stronger for a no holds barred look at the global financial headlines tune in to conjure report on our. watching our d. line from moscow reminder of the top stories the un urges both the syrian regime and the rebels to lay down arms to prevent the country from sliding into a full scale civil war this comes as un observers are set to visit the site of the latest massacre near the city of hama. a day for european football as a euro two thousand and twelve gets set to start but fair play has been dealt a blow with boycotts over human rights abuses and claims of racism most recently from the dutch national team. and euro zone on a knife there is experts predict spain could soon ask for a bailout but as a youth powerhouse this shot of the single currency float one i wish town is
banking on the past to turn a profit. next yes economists and politicians mark wise broad tells r.t. about just what seems to be going wrong in europe. mark weisbrot thank you for joining us on r.t. i want to start with a g twenty promised to boost the i.m.f. lending resources with over four hundred thirty billion dollars. yet the i.m.f. steering committee said that these new resources will not be used for a particular reason do you think this is their response to the concerns that this money will be used to bailout the eurozone i think it's clear the reason they're asking for a new resources for europe they would have enough if it was for the other countries it's only europe or the big money i mean the deaths of spain and italy are enormous and that's what they're worried about even if it were only portugal and ireland and
greece. they wouldn't really be that worried it's really spain and italy that's what the money is for and. talk to the contrary is just talk the rest of europe is also contributing to this but they're there pledged one hundred fifty billion dollars but their approach is fundamentally wrong i mean they don't have to do this they can do what the federal reserve did in the united states our federal reserve has created over two trillion dollars since two thousand and eight they could have the ability they can do that to they have a central bank they can create euro zone and they can do what the fed did here they can lower the interest rates and even guarantee a certain interest rate in the spanish italian bonds and that would put an end to this threat of a severe crisis so do you think your guard said that the highest risk is yet another crisis in europe do you think that's coming that's exactly right there
aren't any big risks to the global economy other than what the europeans are doing to themselves and that's really what it is it's a self-inflicted. the recession that they're in right now if the recession continues that deep and more importantly if these governments do what they're being instructed to do by the european authorities that would be the european central bank the european commission and the i.m.f. if they actually tighten their budgets further cut spending further they're going to go deeper into recession and then we don't know what happens that's what christine lagarde is worried about in spain which is the big trouble spot right now because investors are selling their bonds and driving up the interest rate on the ten year bonds to dangerous levels that's the real fear right now i mean that's what happened in portugal and ireland and greece right the interest rates get to a certain level they can't borrow sustainably on private markets anymore then they
have to go to the european authorities for money and then then there's maybe debt restructuring bank losses all the things that happen with greece but on a much bigger scale that's what they're really worried about i don't think that's necessarily going to happen but the problem is that the authorities the european authorities are pushing in that and direction spain is supposed to cut make spending cuts of this year of about. budget tightening of about two point six percent of g.d.p. so that's big that will definitely they've got twenty five percent unemployment already forty five percent youth unemployment the economy is shrinking and here the authorities are doing the opposite of what almost any other governments in the world would do we didn't do that here ok we would never do that here you know our political system wouldn't allow it but because the spanish don't have control over their over the european authorities they're being forced to do something that is
really worsening their economy so what they're out there and the alternative well it depends there's two ways of looking all serve one is if the european authorities co-operate and in that case it's your. alternative is very easy the e.c.b. came actually just by the spanish bonds and push the interest rate down to a reasonable level so that it doesn't explode so their debt doesn't explode they can keep it there and they don't have to spend very much to do that either and they can create the money so there's no burden on the european taxpayer that's the easy solution no if they won't do that and they insist on making spain worse then spain really has to consider leaving the euro that's the only alternative for them you think the european countries are not cooperating no there are there are insisting on these budget cuts i mean this is the worse this is just pouring gasoline on the fire the fact that they're contributing to the i am not the fact that they're trying to be a lot of countries in the euro zone like we see they did in greece that doesn't
show corp and the fact that they're trying to help spain right now well that kind of help i really wouldn't wish on my worst enemy because they're sure they're putting together this fund but they're attaching conditions to all the lending and it's the conditions that are driving europe further into recession and increasing the risk that you get a full blown financial crisis like you had you know after lehman brothers collapsed no you know that risk has gone down since last december when it was really high and that's because the european central bank started loaning a lot of money it was over a trillion dollars they pumped into the private banking system and the private being system used some of that the buy the european bonds but that's not enough they have to really make sure that those interest rates on spanish and italian bonds because those are the ones that are too big to fail you know their debt is
five times the size of the other countries ok though they have to guarantee that that interest rate doesn't keep rising because that's what sets off the padding once spain's interest rates reach a certain. they're not going to be able to borrow on private markets and what's upsetting the whole financial situation right now is that some investors think they're already close to the level or at the level know what about the breaks power . those rising powers versus the voting rights that i am now and that whole debate that took place in the spring meeting these institutions have been controlled by the united states since. you know nine hundred forty six really and it hasn't changed much at all and you know some people think the europeans control the i.m.f. because they get to a point a european but that's not true the u.s. decides what you know they have a veto over what european heads the i.m.f. and they still have the dominant voice in the i.m.f.
and europe is the junior partner now that's changed a little bit in recent years because now sixty more than sixty percent of the i.m.f. loans are in europe and so the u.s. treasury department will defer to europe for matters that are focused on europe but in the rest of the world in all the developing world where the u.s. still where the i.m.f. still makes loans it's the u.s. decided so they control both really of the mess in the world bank which is two out of the three international institutions that have any power the third one is the security council and there they have the veto as well so this is this is the world after world war two and the global governance is not changed that's one of the reasons they created the g twenty but it's still the g. seven making all the solutions because in mainly the g one you know here in washington because that's who has power in these institutions of international
governance that actually have power you don't see that changing and not only when it comes to voting rights but the policies of these international. organizations are talking about the i.m.f. and the world bank now there is change it's slow change it's definitely slow the bigger changes are taking place outside of them so in other words the i.m.f. doesn't have a fraction of the power that it had even in two thousand and seven ok in other words the developing countries or two thousand and three i would say ok back to the i was seven it already lost most of its power in developing countries that was one of the biggest changes in the whole international financial system and the media didn't really pay a lot of attention to it but you know the united states exercised influence through the i.m.f. but no you see the middle income countries don't borrow from the i.m.f. anymore you know russia the asian middle income countries the ones that got burned by the i.m.f. in the asian financial crisis they all got out of they got away from the i.m.f.
fast they couldn't ever going back same is true for almost all that in america in so that's was changing the world is changing very rapidly just these institutions are not changing rapidly they're changing very very slowly so you don't you don't see the brakes. or becoming a fully fledged negotiating bloc from what we so you know coming out of spring meetings well they are. but they're not negotiating very hard because first of all they i mean from their own interest they shouldn't really contribute to funds going to europe these countries are a lot poorer than europe they all have a fraction of the income that europe has so for them to bail out europe makes no sense at all i mean your of can bail itself this is the richest economic region in the world practically and they have a central bank and they can take care of this themselves the united states took
care of itself why can't the europeans and we can talk about the economy without talking about the oil prices the tensions in the air pollution what do you think that's happening you know the oil pressure. have been following in the last couple of months and i think that's because primarily reduce tensions you see the united states finally. looking towards negotiations with iran and instead of just being the war drums you know and it was the war drums that really drove up the price of oil probably more than anything i mean it's not the whole story some of the weakening in oil prices is due to some investors. worries about the global economy and the crisis in europe so as the crisis in europe gets worse and the possibility of another well europe is already in recession but the possibility of that recession leading to. further slowdown of the world economy you know that could lower oil prices as well but my guess is that
most of what you've seen most recently has been the increase prospects for a possible. peaceful resolution of the conflict between the united states and iran it was really the united states drive towards war which is where we were going and still are really in my opinion i mean they're still headed in that direction but not at the same speed that they were just a few months ago. with the end of the war and the going away of the soviet union many people thought that nuclear weapons disappeared. the risk is not zero that something might be going off
by mistake especially a lot of nuclear weapons on hair trigger a lot. of the victims to use it as a threat all as an actual event but you know if you keep spending a trillion dollars a year on weapons of venture you're going to blow everybody up you you know people are dying from these weapons but until we actually see it people don't make up nuclear weapons or a bill. that represents all of the firepower of the second world war and this. is the equivalent firepower of the world's nuclear arsenal today. a mission. critique a should three score chargers three. richmond three. three stooges free. old free born killers morning
the u.n. are both the syrian regime and the rebels to lay down arms to prevent the country from sliding into a full scale civil war this comes as un observers are set to visit the side of the latest massacre in the year of the city of hama. a big day for european football as your twenty twelve get set to start a fair play has been dealt a blow with boycotts over human rights abuses and claims of racism most recently from the dutch national team. experts predict spain could soon ask for a bailout but as e.u. powerhouses try to keep the single currency afloat one irish town is banking on the past to turn profit. well it's what's happening in the world of sports and there is a lot of excitement enjoy this rush oh we playing your first game in european championships tonight and i'm going to play it seems no really injury concerns
marina and funds are arriving in. time where the match will be played against the czech republic saving in a few hours time of the build up just after this. well either you're watching the sport here in r.t. and these are the headlines euro countdown russia prepare for that opening game against the czech republic while co-hosts of poland kick off the tournament against great. classic rock will no doubt take the commanding lead again started for their own men's semifinal the french open. and you can link it chanting you saying bolton's a dramatic break norway down the gauntlet head of ending london games. just a few hours time russia start their year a twenty twelve campaign against the czech republic after some earlier in the week
dick africa does have a fifty foot fully fit squad to choose from although it does warn tonight's game will be tough from poland with the build up his riches perfect the way it's almost over the captain is russia side as day began their euro two thousand and twelve campaign here in ross love against the czech republic on friday poverty madrid preparing for almost three weeks now played free friendly matches which culminated in a fantastic free no victory against italy abacab billie's results to give the team a lot of confidence is important not that important but again if you win three nil it was a little bit flat route but it gives a lot of confidence in the team and that's important but. to morrow it will be a total different game against a different opponent so. you can expect a different team. for the team effectively picks itself with nine of us starting
spots pretty much already decided however two places up for grabs first of all in goal but it's really a straight fight between either i can fair. mala favre last can play if he's had a few injury problems over the last couple of days but looks to be good and in good form the approach is my favorite he's been in fantastic form to z. needs and the thirty four year old certainly wouldn't do any harm if he was put in between the posts for a game against the czech republic whatever position which dick advocaat has to decide on is the right side of a time where really it's a straight fight between. a man of his mile of go if he's recovered from a broken bone in his forwards and looked very impressive against me entirely ans last week was one of he's also impressed after returns of a national side after a six year wilderness and he was in very good form in the early friendlies against uruguay and. all in over the camp is in very good mood and dick advocaat says there won't be new nerves when the team play the czech republic you know i think
a few. days if you are many people in your work hard to come so far as a player and as a coach as well so know we really enjoy what we are doing all the checks certainly a decent size of a no mind for a great team of two thousand and four which managed to get to first semifinals of a euro two thousand and four championships in portugal where they possess players of a caliber of young and medved but nevertheless for a very workman like side who have style aims such as thomas received ski. and they have the potential certainly to cause rusher a few problems but again if the russians play to anything like their ability and they can reap capture of a form of a friendly win against italy is no reason they can't get their euro two thousand and twelve campaign off to the perfect stars rich of a bully darcy of poland well they care. will have to make a late decision on the fitness of their strike. but are expected to start with playmaker thomas resists in midfielder who had been sidelined with injury and the
arsenal man is wary of russia's attacking threat. of the russian team is in near attack may have three very good forwards and they're all very experienced at this point over their career so it will be a challenging match you have to get through the group and then we will see where optimistic and prepared for the game. now before the czechs and russia kick off co-host poland will get the tournament underway against grace that kicks off in warsaw in a couple of hours time poland failed to get out of their group at the last european championships and will be relying heavily on strike robert landau scheme his goal was help boost your dortmund win the german and cup double german league and cup double last season and poland will need him to be at his best to break down the greeks. to use dear defense and their entire team is very defensive they have a great defense in fact the greeks are perfect in defense we could see that during
the european championship in portugal in two thousand and four so i'm sure for us it will have to be a great game for to god it's not wrong great to have one of the tightest offenses in international football and use that to great effect to win the tournament back in two thousand and four and they are not afraid to use the same tactics again and say they hope to give their fans back home something to smile back. to most of them like we're here to do something very concrete that's to give one hundred percent to enjoy our participation and to give joy to the people back in greece this is what we're thinking this is what we're interested in. but one of the stars of russia's world cup winning ice hockey team you can email can has a few tips for the countries footballers at the euros the pittsburgh penguins forward has been named the russia play of the year in the n.h.l. and said one of the secrets to his success is now. not to worry about the media malkin was the points leader in the regular season with fifty three goals and sixty
four assists and was also named the most valuable player at the world championships last month he's a keen footballer and how it is to say to pick up the cars men. all i can say is they should be closer to their on the much pressure now so i hope they don't read the papers too much they should just relax and do their best to get up just close it to get on the pitch and do your best from start to finish no matter what the score is you can always come back we should always do our best and then i think the guys can win a medal perhaps even gold. wise words now let's get the latest from the french open where defending champion rafael nadal is racing towards his seventh french open final is to set against the late spaniard david they're taking age six six games to two after rain has suspended play for a little while and is now three one up in the third there the other semi showed jewel today between world number one about djokovic from roger federer they met at the same stage last year with federer wins out one. of the women's doubles finals
has also started russian pair america olenka and that he would try it again if these robertie davinci start at any kind of forty one in the open he said there. well a busy time for ronny she also faces russian risher wrap of the in the women's final tomorrow she rather enters that as the new number one after beating petrak a feat of in her semi it was the day the russian described as very special she wrapped up a six three six three victory in an ace on match point at just over an hour that victoria azarenka is the world number one and keeps the russian on course for the only grand slam title that saluted her before nice to know that. it happened again for me. i was in a position where a few years ago i didn't quite know if i would ever be here again on this stage playing professionally and not just said that but at a level to get to number one in the world. and
a first roland garros final for me so a very special day no doubt so i was rather close to becoming an even sixth woman to complete a career grand slam. ronnie is pulling off upset after upset the twenty one seat overcoming u.s. open champion sam stosur in her second. i'm very happy for how i play because i think i make good games and there. and is not read saw have won much more i have to think about that. now the n.b.a. the eastern conference finals will go down to the wire miami levelling the series with boston a three pace after a ninety eight seventy nine victory last night le bron james scoring forty five points that heat and that victory forces that winner takes all game seven back in miami with the winner going on to meet the n.b.a. finals. i will continue to be aggressive i will try to continue to play at a high level like i don't hope all season. for the resource and use numbers or
whatever case maybe i'm a god and play. my game play is always ok and i don't really care what the stats say i could be you know what we're great game seven and we'll lose or draw i'm going. with them i said i was always like i've had this whole season and you know we see what happens. finally the fastest man on earth you same boat has once again proved he will be the one to catch next month's london olympics the jamaican stole the show at the latest diamond league meeting in norway before during and after his race in fact he entered the business stadium in a flashy custom built car. but look off the pace at the start of the hundred meters fellow jamaican a sufferer powell surging ahead here. only to be reeled in five billion pick champions nine point seven nine seconds.
you can touch him at the moment but then plowed into a flower girl at the finish line and she was ok looked like she might have enjoyed it. slow start he blamed it on the starting blocks claiming they were too small for his size. obviously getting too big for his box that's all the sport for. world. science technology innovation all the latest developments from around russia we've got the future covered. download the official t. have location your own photo i pod touch from the jobs to. what jobs he lives on the go. video on demand parties mind broadcasts and r.s.s.